Bitcoin, Ether, and XRP Weekly Market Update February 10, 2020
The total crypto market cap added $25.6 billion to its value for the last seven days and now stands at $287.4 billion. The top 10 currencies are all in green for the same time frame with Binance Coin (BNB) and Bitcoin SV (BSV) leading the pack with 29.3 and 22.8 percent of gains respectively. By the time of writing, Bitcoin (BTC) is trading at $9,895 while Ether (ETH) moved up to $222. Ripple’s XRP is trading at $0.274.
Bitcoin ended January with a 30 percent of a price increase and started the new 30-day period by trading in the $9,323 – $9,371 zone during the first weekend of February. It closed the session on Sunday, February 2 at $9,323 or 8.5 percent higher compared to the previous seven days.
On Monday, February 3, the BTC/USD pair peaked at $9,628 during intraday just to close way lower with a small loss to $9,281.
The trading session on Tuesday saw the most popular cryptocurrency dropping further down to $9,157 after touching $9,071 in the early hours.
On Wednesday, February 5, buyers managed to recover and successfully returned to the $9,200 – $9,500 zone – a crucial area in the mid-to-long term. Bitcoin was already rejected once at the upper end of the mentioned range on January 31. The coin closed at $9,622 in the evening.
The BTC/USD pair confirmed its position in the mid-$9,000s on Thursday by moving up to $9,761 after trading in the $9,850 – $9,510 area during the day.
The last day of the workweek came with a third consecutive green session for the leading cryptocurrency as it climbed to $9,811. Bulls were already looking at the possibility to close above $10,000 for the first time since September 2019.
The first day of the weekend started with no changes in trend. Bitcoin continued to rise and reached $9,900 on Saturday, February 9. It finally broke the psychological level of $10,000 on Sunday closing the seven-day period at $10,177.
The Ethereum Project token ETH was 39 percent up for the month of January. The leading altcoin was doing pretty well recently and on Sunday, February 2 continued with its good performance by moving up to $188.
The ETH/USD pair started trading on Monday, February 3 by climbing up to $193-$194 for a second consecutive day, still, it once again failed to close a daily candle above the $190 level. The ether was building a strong bullish case since January 26 when it found its current bottom at $160.
On Tuesday, one of the most popular altcoins was rejected at $190, which resulted in a drop to $181 during intraday. It closed the session with a small loss to $187.
On Wednesday, February 5, ETH followed the general crypto market trend and skyrocketed all the way up to $203 after peaking at $208 in the early hours of trading.
The Ether successfully defended the $200 line on Thursday and extended its gains to $213 by adding another 4 percent to its value.
The last day of the workweek came with another good session for the coin as it reached $223 and surpassed the September 2019 high of $221.
There were no changes in price on Saturday, February 8 as the ETH token remained in the $220-$223 zone. On Sunday, it moved up to $228 closing the week 21 percent higher.
The Ripple company token XRP closed the month of January with an increase of 25 percent. It smashed through the $0.25 support line and peaked at $0.262 on Sunday, February 2, just to close the week at $0.251.
It started the new trading week on Monday by forming its third consecutive green candle on the daily chart. The XRP/USD pair moved up to $0.254 after hitting the $0.26 resistance during intraday.
On Tuesday, February 4, the “ripple” continued to perform extremely well and climbed all the way up to $0.266, still in the uptrend channel, which was started on January 3.
The mid-week session on Wednesday was no different and the XRP extended its gains to $0.277. Naturally, the next target for bulls was $0.28. This level proofed to be a solid resistance multiple times in the past already. The zone around $0.28 is crucial for setting the ground for an attack of $0.30.
On Thursday, February 6 the popular altcoin reached $0.282 after trading in the $0.267 – $0.287 range throughout most of the day.
The last day of the workweek put an end to the green wave and the coin made a correction to $0.278 after suffering rejection at $0.28.
The weekend of February 8-9 started with a red session on Saturday, during which the XRP/USD pair made a step back to $0.276. Bears, though, were able to push the price down $0.263 at some point during the day, which suggested buyers might be losing momentum. On Sunday though, the XRP regained its position above $0.28 and closed at $0.282 with a 12.8 percent increase on a weekly basis.
Altcoin of the Week
The coin added 146 percent to its value for the last seven days and is 204 percent up for the two-week period. LSK peaked at #33 on CoinGecko’s Top 100 chart with a total market capitalization of approximately $321 million. It peaked at $2.15 on Sunday, February 9 following the general uptrend and registered a new high of $2.66 in the early hours of trading on Monday.
As of the time of writing, Lisk is trading at $0.0002240 against BTC on the Binance daily chart.